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Millburn is a township located in the heart of New Jersey. The city is renowned for its top-ranked public schools, close proximity to New York City, and the charm of its older colonial homes. Millburn is a bedroom community for many residents who commute daily to jobs in New York City. The city has a population of 19,765 and is located in Essex County. One of the attractions for home-buyers to the Millburn real estate market is the quality of the school systems in the area. Millburn School District is known as one of the top school districts in the country, and is always winning awards for its academic excellence. Millburn High School won the highest honor conferred by the U.S. Department of Education when it was named a "National Blue Ribbon School" in recognition of its outstanding achievements in 2007. The High School was also ranked #3 in the state by Newsweek Magazine and was featured in the U.S. News and World Report ranking of the top 100 schools in the United States. Millburn Middle School has also been named a "Benchmark School of Excellence" for four years running. Millburn boasts having some of the best shopping outside of Manhattan. Short Hills Mall is where many New Yorkers come to shop to avoid the city rush. The mall has 160 upscale stores and is one of the top shopping destinations in the area. The real estate market in Millburn has suffered a slight decline as a result of the national housing slump. Single-family homes in Millburn usually start in the $600,000 range and can go up in price to $8 million. Condos start in the $275,000s. From 2000 to 2006 the Millburn real estate market experienced explosive growth, but in 2007 the market started to cool. Home values in 2007 declined slightly as compared to 2006. Homes here are still selling, but the average days on the market is increasing. Homes located near the two commuter rail lines are actually seeing an increase in market value. The real estate market in Millburn is a very safe market in that it has not experienced the boom and bust cycle found in other major cities. Investors have not been attracted to the market due the high purchase price of properties which limits the number of investment properties in the area. The city also caters mostly to the affluent community which is usually not impacted by declines in the economy as much as blue-collar neighborhoods are. Overall, the real estate market should see improvement next year.
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